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Corpus: 1990-03-17 – 2025-12-01

February 2013

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Results by Dataset51 total

Set 9

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results for “"QE3"”

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EFTA01089574Set 9

2013-02-2145p23,567w

German, 3.1 09 08 75 21 uncertainty. We expect Fed's open-ended QE3 program to last till year end and the government to reach another ... real GDP and its components, quarter-over-quarter • The Fed's open-ended QE3 has dampened downside growth risk but hasn't dramatically boosted activity. annualized in % 8% qfq annudized ... February 2013 sovereign rating downgrade. • The Fed's open-ended QE3 program linked to labor market conditions - USD 85bn in Treasury and agency MBS purchases - mitigates downside growth risks

https://www.justice.gov/epstein/files/DataSet%209/EFTA01089574.pdf

EFTA01089722Set 9

2012-06-2944p20,625w

policy Key questions US moderate growth to continue • Will the economic outlook deteriorate? Will QE3 become necessary? US real GDP and its components, quarter-over-quarter annualized in % • How will ... fiscal contraction in early 2013 ("fiscal cliff")? 8% 6% CIO View (Probability: 65%*) No QE3, political gridlock and some fiscal tightening 4% • The economy stays on a moderate growth path ... Thomson Datastream, UBS OO, as of 20 June 2012 $ Positive scenario (Probability: 10%*) No QE3, Democratic sweep and more fiscal tightening • Propelled by ultra-expansive monetary policy and improved confidence

https://www.justice.gov/epstein/files/DataSet%209/EFTA01089722.pdf

EFTA01089619Set 9

2013-04-2546p24,794w

income. We expect the Fed's open-ended QE3 program to last until mid-2014 with some tapering off in 4Q13. Total purchases will likely amount ... over the next six months. annualized in % • The Fed's open-ended QE3 has dampened the risk to growth but has not dramatically boosted activity. 8% 6% CIO view (Probability ... will likely lead to another US sovereign rating downgrade. • The Fed's open-ended QE3 program linked to labor market conditions - USD 85bn in Treasury and agency MBS purchases

https://www.justice.gov/epstein/files/DataSet%209/EFTA01089619.pdf

EFTA01089678Set 9

2012-10-2544p21,521w

persistently above 3.0%. This leads to higher inflation and the Fed responds by halting QE3 and raising rates sooner. • The better economic outlook raises the odds of an Obama reelection ... growth deteriorates much further. The Fed massively purchases agency MBS and Treasuries under its QE3 program. $ e $ .$5 ‘tb e t • The debt limit is reached earlier and the Treasury ... Japan (6-month target): 545 Tactical (6 months) • The Fed's implementation of QE3 provides • China released a set of positive data for September. While the headline 3Q GDP number

https://www.justice.gov/epstein/files/DataSet%209/EFTA01089678.pdf

EFTA01181328Set 9

2012-09-145p2,623w

testing the Fed's tolerance for rising inflation expectations following its open ended QE3. We believe demand for US inflation hedges is set to rise, supporting commodity futures, stocks ... Equities — Value continues to outperform growth in Europe, helped by bat. Stay OW. • Credit — QE3 should support spread products. Stay long and focus on lower quality credits. • Currencies — Open ended ... beginning of this month, continues to perform well. As we expected, the announcement of QE3 gave an immediate boost to US CMBS, one of the core longs of our portfolio

https://www.justice.gov/epstein/files/DataSet%209/EFTA01181328.pdf

EFTA00933056Set 9

2012-04-084p2,565w

wide set of US data to make us lower growth projections and forecast QE3. • Fixed Income — With still no QE3 in our forecast, we retain a 2.5% 10--year ... that US data still keep the probability of another bout of of asset purchases (QE3) below 50%, we retain both our 2.5% medium-term forecast for 10-year USTs ... performers with gold down around 2.5% as the Fed minutes further quashed hopes of QE3. Gold has also has been hurt by new import duties on gold in India which

https://www.justice.gov/epstein/files/DataSet%209/EFTA00933056.pdf

EFTA01181150Set 9

2012-09-078p5,854w

Nikolaos Panigirtzoglou • Fixed Income — Position an ECB policy though Spanish curve flatteners, and Fed QE3 through long end Treasury steepeners. J.P. Morgan Securities plc Equities — We take profit ... front end. Flows and Liquidity. Nikos Panigirtzoglou et al. • Today's payroll print makes QE3 all the more likely at next week's FOMC Description of YTD Chart on front ... policy globally, but today's weak US payroll numbers will have raised expectation of QE3 at next week's FOMC meting, and should provide a boost to US CMBS

https://www.justice.gov/epstein/files/DataSet%209/EFTA01181150.pdf

EFTA01181186Set 9

2012-09-164p2,100w

research suggests. 3/There is a tendency to assume that markets are efficient and that QE3 is now almost fully priced into equities. The market has certainly rallied impressively into ... assets elsewhere, including in stock and corporate bond markets4. This suggests to us that QE3 is far from being fully priced in; portfolio rebalancing will likely continue in tandem with ... rebalancing channel will likely remain active as the Fed begins the implementation phase of QE3. Even in between accouncement windows, US stocks have done better than US and European growth

https://www.justice.gov/epstein/files/DataSet%209/EFTA01181186.pdf

EFTA01146217Set 9

2012-10-268p6,030w

inflows to EM local currency bond funds in recent weeks, Ramaswamy triggered by QE3. The rate outlook is more idiosyncratic across countries in Global Fixed Income Markets. Pavan Wadhwa ... softer tone this week fed into single-digit widening in bond spreads. Since QE3 was announced on Sep 13, US HG spreads have rallied 27bp, stocks have lost over

https://www.justice.gov/epstein/files/DataSet%209/EFTA01146217.pdf

EFTA01092124Set 9

5p2,709w

remain sensitive to swings in financial market sentiment. However, the actual taper of U.S. QE3 that we expect to occur in 2014 may prove less disruptive than ... depressed bond yields to free-market bond yields as markets discount the end of QE3, (2) a prolonged gradual upward drift over the next two years in response to normal

https://www.justice.gov/epstein/files/DataSet%209/EFTA01092124.pdf

EFTA01149102Set 9

2011-10-1225p8,091w

Twist' and dovish assessment of the economy/policy message highlights a cyclically bearish case, still. QE3 talks could return should the US economy disappoint. ■ Structural environment remains bearish ... foreseeable future. ■ We do not expect further monetary initiative besides 'Operation Twist', but QE3 talks may resurface. The monetary policy environment is still bearish for the USD. Opinions, estimates, forecasts

https://www.justice.gov/epstein/files/DataSet%209/EFTA01149102.pdf

EFTA01180844Set 9

2012-09-104p2,351w

will probably move in September. 5/ Whether we get it in September or not, QE3 will probably matter more for financial markets than for the real economy. After all, Treasury ... economy emerges into a new brave cycle, markets will have reflected it already. QE3 is less urgent with improving financial conditions Bloomberg US financial conditions index plus* 1.5 Operation Twist

https://www.justice.gov/epstein/files/DataSet%209/EFTA01180844.pdf

EFTA01108985Set 9

2014-06-30112p35,472w

economy contributed to the Fed's decision to begin tapering its quantitative easing program ("QE3"). However, the Fed intended to hold short-term interest rates low until significant economic hurdles ... about the impact of slowing emerging markets along with the onset of tapering of QE3. While the S&P 500 Index ("S&P 500") finished in positive ground

https://www.justice.gov/epstein/files/DataSet%209/EFTA01108985.pdf

EFTA00877419Set 9

2012-04-134p2,537w

Operation Twist, in June, and also because we think a move to QE3 is unlikely. Strong expectations of QE3 in some quarters have been one factor supporting

https://www.justice.gov/epstein/files/DataSet%209/EFTA00877419.pdf

EFTA02345833Set 11

2012-08-284p1,674w

Undisclosed recipients: Subject: J.P. Morgan Macro Skinny: Don't count on QE3 until it hatches Don't count on QE= until it hatches 1/ Those hoping the Federal Reserve will ... observe a "substantial and sustainable strengthening" in economic activity<=up>1. Furthermore, if "QE3" is to be enacted, the Fed =ould likely make it open- ended, i.e., purchases will last

https://www.justice.gov/epstein/files/DataSet%2011/EFTA02345833.pdf

EFTA01146946Set 9

2012-08-038p5,946w

decline in the euro crosses would begin to reverse either due to Fed QE3 (supporting EUR/USD, EUR/GBP and EUR/JPY) or global deleveraging around sovereign stress and the US fiscal cliff ... pick up as the economy weakens further and the Fenton et al. likelihood of QE3 rises. Agriculture prices arc supported by the worst US Oil Markets Monthly, Fenton

https://www.justice.gov/epstein/files/DataSet%209/EFTA01146946.pdf

EFTA00919071Set 9

2011-09-143p1,498w

expected a magic bullet to hasten economic recovery, while others dreaded the possibility of QE3. However, what Bemanke delivered was more of an anticlimactic shrug when he appeared

https://www.justice.gov/epstein/files/DataSet%209/EFTA00919071.pdf

EFTA01146788Set 9

2012-08-318p6,176w

Morgan Securities plc Credit — US HY and CMBS should benefit from any move to QE3, and are less exposed to event risk in Europe. Seamus Mac Gorain

https://www.justice.gov/epstein/files/DataSet%209/EFTA01146788.pdf

EFTA00422126Set 9

2012-01-025p1,376w

hawks and picking up 1 in Lacker = this has fueled further speculation of potential QE3 in March focused on MBS purchases. Jan 30 —Another EU summit (this one focusing

https://www.justice.gov/epstein/files/DataSet%209/EFTA00422126.pdf

EFTA02151927Set 10

2013-01-047p1,556w

subsidies Lex • Container shipping — a long journey Lex • Fed split over when to halt QE3 FT • Monti attacks 'extremist' rivals FT • Banks regain appetite to lend The Times • The fiscal

https://www.justice.gov/epstein/files/DataSet%2010/EFTA02151927.pdf